Crude Oil Prices Mark Another 2-Year High

Crude prices started the week on an upbeat note on Monday, boosted by expectations that oil producing countries will agree to extend an output cut at their meeting at the end of this month.

Under the original terms of the deal, OPEC and 10 other non-OPEC countries led by Russia agreed to cut production by 1.8 million barrels a day (bpd) for six months. The agreement was extended in May of this year for a period of nine more months until March 2018 in a bid to reduce global oil inventories and support oil prices.

Discussions are continuing in the run-up to the Nov. 30 meeting, which oil ministers from OPEC and the participating non-OPEC countries will attend.

Prices received another boost as a sizable weekly drop in active U.S. oil rigs to the lowest level since May fed expectations for a slowdown in domestic crude output growth.
more at:  https://www.investing.com/news/commodities-news/crude-oil-prices-mark-another-2year-high-764233

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